Loan Comparison: 2.96% vs 6.5%
322 Maple, Eaton, CO 80615 · 3bd/3ba · $389,900
List Price
$389,900
Assumable Rate
2.96%
Remaining Balance
$328,589
Equity Gap
$60,578
Loan Type
FHAAdjust Your Scenario
$19,495
$19,495$60,578
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 3.58%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,341/moAssumable @ 2.96% + gap loan
$1,694/moAssumed loan: $1,378/mo
Gap financing: $316/mo
$647less per month with the assumable
Your Savings on This Property
322 Maple, Eaton · 2.96% FHA vs 6.5% conventional
$647
per month
$7,765
per year
$232,939
over 30 years
$232,206
interest saved
How gap financing works: The equity gap ($60,578) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,495, 5% of purchase price) and a second mortgage for the rest ($41,083 at 8.5%). Even with two payments, the blended cost is typically much lower than a new conventional loan. We work with lenders who specialize in assumption gap financing.
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